African Leaders Seek Support for NEPAD Initiative

Leaders from about 30 African countries gathered at Egypt's Sharm El-Sheikh resort Tuesday, seeking support for a homegrown initiative to bring investors to the continent.

During an opening address, host Egyptian President Hosni Mubarak called on G-8 leaders to support the plan, known as NEPAD, with cash, debt relief, and more just trade rules.

Leaders of the top industrialized nations and Russia are to meet in July. Britain, which holds the current presidency of the G-8, has said reducing chronic poverty in Africa is its top priority.

African leaders created NEPAD, the New Partnership for African Development, to boost the continent's ailing economies by attracting private investors through good governance and sound economic policies.